2022 Clockwork Series A Deck.pdf

Series A
Welcome to Gig 2.0. Where everyone wins.
DRAFT VERSION 0.1

Work-life runs on
Clockwork Our vision starts with connecting workers
to the right opportunities and equipping
companies with ready-to-work teams.
But that’s just the beginning. Taking on a
labor market that’s been broken for
decades, we’re creating innovative
solutions for growing businesses and
transforming short-lived gigs into
sustainable, long-term careers.
Helping workers and companies become
the best they can be, together.
We’re crushing turnover, driving revenue,
boosting efficiency—and redefining the gig
economy along the way. Welcome to Gig
2.0, where everyone wins.
1

Labor shortages were already endemic in the U.S.
2
Forces at work on US manufacturing and logistics
labor, accelerated by the pandemic …
… on top of decreasing participation and
demographic headwinds
01 Intense product market competition exacerbating a race
to the bottom in work practices across mfg, logistics and
other traditionally low-wage sectors.
Lack of vocational training options.
Flat orgs, sparse natural advancement opportunities.
Race and gender issues in the division of labor between
back- and front of house.
Recidivism.
Transportation deserts across all forms of urbanization.
Decline of mostly midwestern company towns.
Aging boomers increased need of care.
Uberization of the safety net, especially in 1099 and
traditional staffing.
02
03
04
05
06
07
08
Source: US Bureau of Labor Statistics, “Civilian Labor Force and Labor Force Participation Rates,” retrieved 23 January 2022.
0
10
20
30
40
16 to
19
20 to
24
25 to
34
35 to
44
45 to
54
55 to
64
65 to
74
75 and
older
US workforce in millions by age band
2000 2010 2020 2030
2

Affecting labor markets both big and small
3
Burlington, IA MSA (45,600 inhabitants)
Columbus, OH MSA (2,100,000 inhabitants)
Across the country we’ve seen a 2-3x tightening of the job market in manufacturing and logistics. As a result our typical national client is 20-30 % underpopulated
/ ~100 FTEs per plant. Supply is consistently low at the same time demand is at an all time high and wages have moved only slightly.
Source: Market Intelligence Reports, Indeed.com, retrieved 23 January 2022; company internal data.
0
20
40
60
80
0
1000
2000
3000
4000
Total job posts receiving at least on click Ratio of job seekers to job posts Unique job seekers clicking on at least one job post
Jan-2020 Jul-2020 Jan-2021 Jul-2021
0
20
40
60
80
0
1000
2000
3000
4000
5000
Total job posts receiving at least on click Ratio of job seekers to job posts Unique job seekers clicking on at least one job post
Jan-2020 Jul-2020 Jan-2021 Jul-2021
3

Staffing sucks. We’ve spent the past 2 years building the
whole solution to the problem. A 10x improvement
§ We step in as employer and
outsource everything to secure end
to end accountability for the worker
experience and career progression.
§ We engineer the workforce
required to get the job done at the
client site. Short or long-term
engagements, doesn’t matter.
§ We deploy a suite of capabilities
from transportation networks to
H2B, to nearshore.
§ All supported by our end to end
technology platform.
Fills per week (FTE)
Deployment lag
Technology platform
Benefits
Traditional model:
insourcing + Staffing
firm
Clockwork
2-5
7-10 days, best case
End-to-end
Little to none
25-100
Less than 12 hours
Paper processes
Full, including commuting
on our network
Getting our clients’ plants back to capacity asap
Our disruptive approach
4

Labor shortages were already endemic in the U.S.
Local levers we are pulling to enable
disenfranchised workers
§ Uber-style mass deployment, dropping our teams into
plants that are behind
§ Van networks tapping into transportation deserts and
connecting disadvantaged communities
Source: US Bureau of Labor Statistics, “Civilian Labor Force and Labor Force Participation Rates,” retrieved 23 January 2022.
Global levers to tap talent from large cities in
developing markets
§ Our near-shore teams (e.g., bilingual remote workers
from Latam) filling US white-collar gaps
§ H2B program. Transferring high performing teams from
our Latin American ops to US plants.
Global scaling platform
01
02
03
E2E employment & workforce management platform -- from running deployments, to clocking in to getting
paid. As we scale, expanding into algorithmic shift matching, shift differentials and bonus pay.
Programmatic upskilling via ratings, stretch assignments and machine certifications (e.g., forklift)
Paid apprenticeship programs in the skilled trades ( plumbing, electrical, HVAC)
5

Leading worker app
Value for the worker that is unparalleled in the market
Easy team tracking,
management
Fast
onboarding
Customised job
recommendations
Fast & easy to clock
in and out of shifts
feedback
capabilities
6

We’re entering hypergrowth, growing 10x, each of the
past two years
7
Monthly gross revenues in USD ‘000 2022 forecast
0
500
1000
1500
2000
Jan-2021
Feb-2021
Mar-2021
Apr-2021
May-2021
Jun-2021
Jul-2021
Aug-2021
Sep-2021
Oct-2021
Nov-2021
Dec-2021
Jan-2022e
Feb-2022e
Mar-2022e
US Latam
110
182
298 222 273
404
604
471 516
448
566
1111
952
1474
1958
10x
Growth in 2021
§ We have $75M ARR in
signed contracts
§ Net-margin is 10-18% on
a takerate of
30-55%
§ $18-20M ARR in
COVID delays

Roadmap for continued hypergrowth
8
Organic Growth
0
1000
2000
3000
4000
2022 2023 2024 2025 2026 2027
Total organic Roll-ups M/A Total ARR
§ Expansion into new markets in Latam, EMEA and US
§ Worker transportation networks, large-scale H2B, other
cross-border supply initiatives
Roll-up Opportunity
§ Rapid vertical and market expansion opportunities at
favorable rates
§ Proven model with significant target universe
2022 2023 2024 2025 2026 2027
Uber-style mass deployments 80.0 407.7 1,024.1 1,806.3 2,301.8 2,797.2
Worker transporation networks 10.0 36.2 75.3 115.5 147.4 179.2
Large-scale h2b 26.2 42.2 44.4 46.9 49.4 51.9
Nearshore office workers 5.0 14.2 23.4 32.6 41.9 51.1
Total Organic 121.2 500.3 1,167.2 2,001.4 2,540.4 3,079.5
Roll-ups M/A 73.3 233.3 393.3 553.3 713.3 873.3
Total ARR 194.5 733.7 1,560.5 2,554.7 3,253.7 3,952.8

Killer operators with deep attachment to the mission
Jason Radisson
Founder-CEO
99-taxis COO
RGM @Uber
McKinsey, Fulbright
Cosmina Sandu
Product
Ten years of product
leadership in
Romanian ecosystem
Baris Izmirli
Global Expansion
Lead southern
European expansion
and operations at Uber
for 6.5 years
Daniel Gonzalez
Near-Shore Ops
Built Amazon’s
service center teams
in Colombia
Brynn Samp
Director BD
National sales
leadership roles @3M
Sophanny Schwartz
VP People
Former VP of HR at high-
volume mfg companies.
CHRO, Digital River IPO
Claude Motte Sauter
RGM Latam
Head of Sales for
TimeJobs
Growth @Glovo
Rich Williams
Board Member
Chairman Alkuri
Groupon CEO
Amazon.com CMO
9

Completing the toolset for managing
today’s distributed workforce
§ Integration of own VAN network
§ Ratings and reviews, Referral Program
§ Group chat
§ Detailed payment reports
§ Paylocity integration
§ Debit cards
§ Work visa documentation
§ Enhanced geofences, QR codes, client & site
onboarding
< 2021
2022
2023+
New Markets, Verticals & Features
§ Field deployment tool enhancements
§ Real-time worker productivity and location
monitoring (map & tabular)
§ Checking account enhancements
§ Automatic data extraction from document
uploads
§ Enhanced applicant filtering algorithms
§ SMB Flex for developing markets
§ 247 remote supervisor
§ Proctored drug tests
Q1
Global Worker
App Launch
§ LATAM & Turkey Full
Onboarding capability
§ QR code & Geofencing
checkin & checkout
§ Background check integration
systems Web client view app
US Worker
& Ops
app Launch
§ US Full Onboarding
capability
§ Checkin & Checkout
functions
§ Supervising activities
Web & Mobile MVP
§ Tech company launched in
Romania
Q2
Deep Automation
§ User-generated location enhancements
§ Supervisor & site ratings
§ Expansion of benefits offering and self-service
tools for workers
§ Child-care integration
§ Automatically launch a remote market
§ Flex light (micro-enterprises)
§ Super-admin profile for timekeeping and
dispatching roles
§ Infrastructure (scale) enhancements
August
2021
November
2021
1
0
Option 1

Completing the toolset for
managing today’s
distributed workforce
Integration of own VAN network
Ratings and reviews, Referral Program
Group chat
Detailed payment reports
Paylocity integration
Debit cards
Work visa documentation
Enhanced geofences, QR codes, client
& site onboarding
< 2021
New Markets, Verticals
& Features
Field deployment tool enhancements
Real-time worker productivity and
location monitoring (map & tabular)
Checking account enhancements
Automatic data extraction from document
uploads
Enhanced applicant filtering algorithms
SMB Flex for developing markets
247 remote supervisor
Proctored drug tests
Global Worker
App Launch
LATAM & Turkey Full
Onboarding capability
QR code & Geofencing checkin
& checkout
Background check integration
systems Web client view app
US Worker & Ops
app Launch
US Full Onboarding capability
Checkin & Checkout functions
Supervising activities
Web & Mobile
MVP
Tech company launched
in Romania
Deep Automation
User-generated location enhancements
Supervisor & site ratings
Expansion of benefits offering and
self-service tools for workers
Child-care integration
Automatically launch a remote market
Flex light (micro-enterprises)
Super-admin profile for timekeeping and dispatching roles
Infrastructure (scale) enhancements
2022 2023+
Q1 Q2
H2
August 2021 November 2021
1
1
Option 2

This is a huge market, we’re focusing on top markets
Employees -- St. Louis Fed SIA Manufacturing & Logistics
Top MSAs Logistics Manufacturing Total %COL $M FTE ('000) % of total
Los Angeles-Long Beach-Anaheim 238 463 701 3.8% 1,679 36 5.10%
New York-Newark-Jersey City 357 327 684 3.7% 1,019 22 3.17%
Chicago-Naperville-Elgin 257 398 656 3.5% 1,406 30 4.56%
Dallas-Fort-Worth-Arlington 242 281 522 2.8% 557 12 2.27%
Houston-The Woodlands - Sugar Land 178 219 397 2.1% 851 18 4.56%
Atlanta-Sandy Springs-Roswell 147 164 311 1.7% 852 18 5.83%
Detroit-Warren-Dearborn 82 226 308 1.7% 476 10 3.29%
Philadelphia-Camden-Wilmington 122 175 296 1.6% 870 19 6.25%
Riverside-San-Bernardino-Ontario 171 94 265 1.4% 512 11 4.11%
Minneapolis St. Paul 72 192 264 1.4% 420 9 3.38%
Phoenix-Mesa-Scottsdale 102 133 235 1.3% 473 10 4.29%
San Francisco-Oakland-Hayward 91 140 231 1.2% 448 10 4.13%
Miami-Fort Lauderdale-West Palm Beach 126 88 213 1.1% 534 11 5.32%
Indianapolis-Carmel-Anderson 78 90 168 0.9% 274 6 3.47%
Columbus 78 70 149 0.8% 262 6 3.75%
Total top 2,341 3,059 5,400 29.0% 10,633 226 4.19%
Total US 6,041 12,580 18,621 100.0% 30,400 647 3.47%
1
2

Rollup vision
To accelerate our growth, we’re building the m/a machinery to add $300M+ p.a. in inorganic GMV
We have 6
deals identified
and 2 are in
signed
purchase
agreements,
worth
$39M ARR.
Target 6
acquisitions in
2022, with 18
completed by
2023. Roughly 2
per quarter at
$20M ARR
each.
Deal sizes
between
$3 and 12M
(but no artificial
limit).
US and
Latam initial
focus.
$300M+ GMV
and $40M
EDITDA
potential over
the next 2-3
years with less
than $100M
invested
01 02 03 04 05
1
3

Fragmentation =
Efficient Scaling
Large, localized market
with limited technology
and low multiples
500
14K
2-3x
Immediately Addressable Targets
Over 500 temp & contract agencies actively marketed
for sale at any time
Target-rich Environment
Over 14,000 temp and contract staffing
agencies in the US alone
Favorable Economics
Trading at multiples well below tech-enabled peers
1
4

Synergy Creation Model
Driving sustainable increases across critical value dimensions
Worker Satisfaction
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Client Satisfaction
Worker Advancement
Higher Wages
Improved Margins
Growth Capital
Speed
1
5

We’ll be at $250M GMV before our Series B, thanks to our
robust investment plan
4.3
50
-4
-3 -2
-4
-45
8 4.3
Cash pre-
Series A
Series A US organic
plan
Latam
organic plan
Geo
expansion
Engineering M/A Reinvested
FCF
Cash pre-
Series B
-10
0
10
20
30
40
50
60
Capital-efficiency to date
Our first outside capital was $8.3M
raised in last year’s Series We’ve
reached $24M in GMV on $4M in
burn, a 6x capital-efficiency ratio.
Series A
We’re kicking off our Series A in
February 2022 and looking to raise
$50-60M to fuel the next phase of
growth. With these funds we’ll reach
$240-250M in GMV in 18 months, at
which point we will raise our Series
B.
GMV RR 246 24 -- 50 20 10 2 140 -- --
GMV/ BURN 6.0 -- 12.5 6.7 5.0 0.5 3.33 -- --
Use of funds and capital efficiency of Series A
In millions of USD, 1 April 2022 to 30 September 2023
1
6 Note: Our GMV contains some revenue lines such as a SaaS subscription and management fees.

Case study |
Results
Filled more than 100
critical positions per
week in the face of
tremendous supply
constraints
Ramped up teams to
meet soaring demand
as Amazon maintained its
delivery
commitments even
during the initial crunch
phase of the pandemic
Amazon needs no introduction. As one of the world’s three largest
online marketplaces, their distribution abilities are legendary -- and
so are their fulfillment needs.
§ Clockwork handled position fulfillment, across a number of job
classifications, for three large Amazon warehouses in Minnesota and
Nevada -- including the largest distribution center serving the
Minneapolis area. The Shakopee warehouse was viewed by Amazon as
their most difficult assignment. A combination of COVID concerns and
tense local labor relations made position fulfillment particularly difficult.
§ Amazon constantly struggled to fill open positions. Clockwork changed
all that. We found new -- and high quality -- workers where staffing
companies and gig platforms failed.
This is the only team that has able to help us in this market
--Lisa Hunter, Amazon Fulfillment
1
8

End to end solution for acquiring and running
today’s workforce
Worker App
Supervisor app
Ratings & reviews
Referral Program
HRIS/ Onboarding
Dispatching
Client App
Ops tools
VMS / workorder mgmt
Job- Matching
Clock-in/ Clockout
Pricing
Profile Management
Analytics & Reporting
Chat & communication tools
Payroll/ Taxation
Integrations with Fintech & Insurance Providers
1
9

2022 Clockwork Series A Deck.pdf

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